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City of Miami General Employees & Sanitation Employees Retirement Trust

Investment Review
Barings Independence Wharf 470 Atlantic Avenue Boston MA 02210-2208 Tel 1 617 946 5200 Fax 1 617 946 5400 One Embarcadero Center Suite 555 San Francisco, CA 94111 Tel 1 415 834 1500 Fax 1 415 834 1722 www.barings-us.com

Michael Brown President, North America

September 2013

Confidential Do not copy or circulate this document.

Contents

Barings Overview Performance, Positioning & Holdings

Current Investment Themes


Appendix

Barings Overview
Section 1

Baring Asset Management

An international investment management company with a history dating back to 1762 Operating in eleven countries with professionals from twenty five different nations

Owned by Massachusetts Mutual Life Insurance Company (MassMutual)


Current assets under management US$57.5bn 123 investment professionals Winner of the Queens Award for Enterprise: International Trade 2010

London, Boston, Dubai, Frankfurt, Hong Kong, Paris, San Francisco, Santiago, Seoul, Taipei, Tokyo, Toronto

June 30, 2013

What Sets Us Apart


Significant global bottom-up research capability spanning worlds equity markets Strong platform of 40+ investment professionals searching for unrecognized growth
Multiple sources of idea generation Three-dimensional approach to identify active alpha Exploit market opportunities across an unconstrained universe

Dedicated sector and country analysis

Innovative process which combines both bottomup and top-down insight

All Cap, universe and holdings

Capacity constrained strategies

Promotes process integrity

A proven, research-driven process exploiting market inefficiencies


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Portfolio Management Structure Barings International Equity


International & World Equity Group
David Bertocchi 15 Jon Greenhill 18 Tom Mann 16 Susan OBrien 25 Nick Williams 23 Hayes Miller 33

Global Sector Teams


Technology Consumer Discretionary Consumer Staples Energy 9 8 10 8 8 8 9 11 Andrew Cole Hayes Miller

Strategic Policy Group


Percival Stanion 33 34 33 25 36 15 14

Marino Valensise Khiem Do David Bertocchi Christopher Mahon

Telecoms
Materials Utilities Financials Healthcare Industrials

8
7 7 12 9 8

9
10 11 13 11 12

Alan Wilde

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Investment Board
Marino Valensise Chief Investment Officer # Yrs Investment Experience 25 Tim Scholefield Head of Equities # 25 Percival Stanion Head of Strategy 33 Alan Wilde Head of Fixed Income 28

Number of Investment Professionals*

July 2013 * Some analysts may sit on more than one sector team

Performance, Positioning & Holdings


Section 2

Performance

Performance as of June 30, 2013


2Q 13
City of Miami General Employees & Sanitation Employees Retirement Trust MSCI EAFE Index Relative

Y-T-D

1 Year

Since Inception
(6/25/12)

-0.5

1.9

10.9

15.1

-1.0 0.5

4.1 -2.2

18.6 -7.7

22.1 -7.0

Morgan Stanley Capital International MSCI EAFE Net from July 2, 2012 prior MSCI EAFE Gross. Annualized returns in US dollars gross of fees.

Barings Focused International Plus Equity Calendar Year Performance


Calendar Year Composite Performance
2012
Barings Focused International Plus Equity Composite MSCI EAFE Index* Relative

2011

2010

2009

2008

2007

2006

2005

2004

2003

11.7

-7.9

9.7

39.2

-43.7

24.3

34.0

18.4

25.0

39.3

17.8 -6.1

-11.7 3.8

7.8 1.9

31.8 7.4

-43.4 -0.3

11.2 13.1

26.9 7.1

14.0 4.4

20.7 4.3

39.2 0.1

* Morgan Stanley Capital International (MSCI) EAFE Index Net Dividends. Returns shown in US dollars gross of fees. Please note Gross of fee performance is presented. See the final page for a description of the impact of fees upon returns. Please see the Appendix for net of fee and composite description. This supplemental performance information complements the Focused International Plus Equity Composite presentation as provided in the Appendix.

Barings Focused International Plus Equity Composite Performance

Composite Performance as of March 31, 2013


1Q 13
Barings Focused International Plus Equity Composite (gross of fees) MSCI EAFE Index*

4Q 12

6 Months

1 Year

3 Years

5 Years

2.4

0.3

2.7

3.4

4.9

0.1

5.1

6.6

12.0

11.6

5.4

-0.4

Relative

-2.7

-6.3

-9.3

-8.2

-0.5

0.5

*MSCI EAFE Index Gross Dividends to 30-Jun-12 then Net Dividends. Annualized returns in US dollars gross of fees. Please note Gross of fee performance is presented. See the final page for a description of the impact of fees upon returns. Please see the Appendix for net of fee and composite description. This supplemental performance information complements the Focused International Plus Equity Composite presentation as provided in the Appendix.

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Performance Attribution Second Quarter 2013


Key Contributions Economic Sector
1.1 0.5 0.4 0.3 0.4 0.4 1.3

Key Contributions - Geographic

-0.3

Financials

Cons. Staples

Cons. Disc.

Industrials

-1.6 Materials

Japan

Pacific xJapan

Europe x-UK Middle East

-0.9 Global Emerging

By Sector
%
Financials Cons. Staples Cons. Disc. Industrials Relative Contribution 1.14 0.53 0.37 0.27 Selection 1.16 0.39 0.37 0.25 UW UW OW UW Allocation -0.02 0.14 0.01 0.03 Japan Pacific x-Japan Europe x-UK United Kingdom Middle East Global Emerging Total

By Country/Region
%
Relative Contribution 1.31 0.37 0.36 -0.32 -0.34 -0.88 0.50 Selection 1.12 -0.44 0.52 -0.31 -0.22 -0.31 0.37 OW UW UW UW OW OW Allocation 0.19 0.81 -0.16 -0.02 -0.12 -0.57 0.13 11

Info. Tech.
Health Care Utilities Telecos Energy Materials Total

0.12
0.03 -0.10 -0.13 -0.16 -1.59 0.50

0.08
-0.03 0.02 -0.01 -0.14 -1.51 0.59

OW
OW UW UW OW OW

0.03
0.06 -0.11 -0.12 -0.02 -0.09 -0.09

Morgan Stanley Capital International (MSCI) EAFE

Performance Attribution Second Quarter 2013


Top 10 Contributors
Relative Contribution Mitsubishi Electric Corp. Hitachi Metals Ltd. Deutsche Boerse AG Tokyo Electron Ltd. Rakuten Inc. KDDI Corp. Japan Tobacco Inc. BHP Billiton Tokio Marine Holdings Inc. Toyota Motor Corp. 0.38 0.27 0.25 0.25 0.25 0.23 0.22 0.21 0.20 0.20 Newcrest Mining Ltd. Yamana Gold Inc. Fresnillo PLC ICL-Israel Chemicals Ltd. Randgold Resources Ltd. Takeda Pharmaceutical Co. Ltd. Paladin Energy Ltd.

Bottom 10 Contributors
Relative Contribution -0.69 -0.60 -0.51 -0.36 -0.22 -0.22 -0.20

Tullow Oil PLC


Societe BIC SoftBank Corp.

-0.18
-0.17 -0.10

Morgan Stanley Capital International (MSCI) EAFE

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City of Miami General Employees & Sanitation Employees Retirement Trust Portfolio Structure June 30, 2013
Active Region Positions

Portfolio Weight

Index Weight

Global Emerging

6.4

6.4

0.0

Japan

3.9

26.5

22.6

United Kingdom

0.1

21.8

21.7

Europe x-UK + Dev. Middle East

-5.3

37.6

42.9

Pacific x-Japan -7.6

5.2

12.8

Cash = 2.5% Benchmark: Morgan Stanley Capital International MSCI EAFE .

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City of Miami General Employees & Sanitation Employees Retirement Trust Portfolio Structure June 30, 2013
Active Sector Positions
Health Care Information Technology Materials Consumer Discretionary Energy Financials Telecom Services Consumer Staples Industrials Utilities -2.7 -2.7 -1.8 -2.2 0.3 0.2 0.0 1.1 1.7 3.3

Portfolio Weight
13.8 6.3 9.1 12.0 7.2 25.0 3.4

Index Weight
10.5 4.6 8.0 11.7 7.0 25.0 5.2

9.6
9.8 1.1

11.8
12.5 3.8

Cash = 2.5% Benchmark: Morgan Stanley Capital International MSCI EAFE .

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City of Miami General Employees & Sanitation Employees Retirement Trust Portfolio Holdings
A us t ra lia Newcrest M ining Limited P aladin Energy Ltd C a na da Yamana Go ld Inc. C hina China P acific Insurance (Gro up) Co ., Ltd. F ra nc e Sano fi Sco r SE SES SA So ciete B IC SA SUEZ Enviro nnement Co . SA To tal SA G e rm a ny adidas A G B ayer A G Deutsche B o erse A G Fresenius SE & Co . KGaA M uenchener R-G SA P A G Is ra e l ICL-Israel Chemicals Ltd. Teva P harmaceutical Industries Limited J a pa n Denso Co rp. East Japan Railway Co mpany Hitachi M etals, Ltd. Japan To bacco Inc. KDDI Co rpo ratio n Kyo cera Co rpo ratio n M itsubishi Electric Co rp. Rakuten, Inc. Sumito mo M itsui Trust Ho ldings, Inc. Takeda P harmaceutical Co mpany Limited To kio M arine Ho ldings, Inc. To kyo Electro n Ltd. To yo ta M o to r Co rp. P o rt f o lio We ight 1.3 1 0.60 0.71 1.2 6 1 .26 1.2 5 1 .25 9 .6 2 2.53 1 .46 1 .70 1 .31 1 .1 4 1 .48 11.7 7 1 .86 1 .87 2.43 2.39 1 .51 1 .70 3 .3 8 1 .36 2.01 2 6 .5 3 1 .92 2.1 9 1 .58 2.60 2.20 1 .90 1 .94 1 .89 2.42 2.08 1 .91 1 .08 2.83 Inde x We ight 8 .0 0 0.06 ---0 .10 -9 .3 9 1 .09 0.04 0.08 0.03 0.03 0.92 8 .5 8 0.20 0.78 0.1 1 0.1 4 0.29 0.60 0 .5 0 0.04 0.29 2 2 .5 1 0.20 0.23 0.02 0.34 0.25 0.1 5 0.1 6 0.08 0.1 4 0.32 0.1 9 0.08 1 .47 M a rk e t C a p $ bn 8 .4 4 7.72 0.72 7 .4 3 7.43 11.9 9 1 1 .99 2 7 4 .8 6 1 34.67 5.54 1 0.67 4.60 6.1 2 1 1 3.25 2 6 3 .5 4 23.00 89.33 1 2.74 20.94 33.25 84.28 4 7 .8 0 1 0.88 36.92 5 3 2 .3 6 37.1 0 32.28 3.88 64.83 40.33 1 9.73 22.51 1 4.95 1 8.70 37.1 9 26.21 8.86 205.79
R us s ia M o bile TeleSystems OJSC Sberbank Russia OJSC S inga po re DB S Gro up Ho ldings Ltd Go lden A gri-Reso urces LTD Keppel Co rpo ratio n Limited S we de n Elekta A B S wit ze rla nd Credit Suisse Gro up A G Julius B aer Gruppe A G Syngenta A G UB S A G Zurich Insurance Gro up A G T a iwa n Taiwan Semico nducto r M anufacturing Unit e d Kingdo m A dmiral Gro up plc B G Gro up plc Experian P LC Fresnillo P LC Glaxo SmithKline plc Imperial To bacco Gro up P LC P rudential plc Randgo ld Reso urces Limited Reckitt B enckiser Gro up plc Ro lls-Ro yce Ho ldings plc Ro yal Dutch Shell P lc SA B M iller plc Tullo w Oil plc WP P P lc C ash P o rt f o lio We ight 2 .3 2 1 .1 8 1 .1 4 3 .8 9 0.56 1 .58 1 .75 1.2 4 1 .24 11.5 5 2.49 2.1 4 2.41 2.03 2.47 1.5 9 1 .59 2 1.7 6 1 .90 1 .44 1 .09 1 .1 8 1 .68 1 .1 2 1 .33 0.74 2.79 1 .55 2.60 1 .52 0.97 1 .84 2 .5 2 Inde x We ight ---1.6 0 0.1 9 0.03 0.1 0 3 .11 0.05 9 .0 8 0.35 0.08 0.32 0.55 0.34 --2 1.7 9 0.03 0.51 0.1 6 0.02 1 .09 0.30 0.37 0.05 0.40 0.29 1 .83 0.41 0.1 2 0.1 9 -M a rk e t C a p $ bn 8 1.0 9 1 7.79 63.30 4 9 .8 4 29.71 5.38 1 4.75 6 .0 4 6.04 19 3 .0 2 40.88 8.92 38.03 65.69 39.51 9 5 .7 1 95.71 6 4 3 .6 2 5.22 59.77 1 8.04 9.1 9 1 28.41 33.42 42.72 5.96 52.02 33.96 1 44.1 4 72.28 1 5.1 9 23.29 --

As of June 30, 2013. Source: Factset

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Current Investment Themes


Section 3

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Outlook
The economic data is improving for a number of regions but headwinds remain
The strength of the economic recovery is increasingly a political choice
Governments: Will we have austerity or stimulus? Answer depends on politics and the bond market. Central banks: Will we have QE or tapering? Answer depends on who is the Fed Chairman, the strength of the recovery and the bond market Governments and central banks are in control until the bond market or electorate revolt

But for some countries the choice is not their own


Peripheral Europe is dependent on the EC (and German politics) EM countries with current account deficits are dependent on the US

We are focusing on stocks where controllable factors are driving returns


Self-help situations, Communication revolution, Asian/Emerging financials, Health Care, Internet, New Media

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Appendix

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Sub-trend Economic Growth to Continue


U.S. Debt as a % of GDP (Annual)
Normal recovery

Muddle Through Recession Depression

In many western economies a deleveraging process is underway and will likely run for years A muddle through recovery is the goal and best case scenario Economic growth is likely to be weaker than we came to expect in the post World War II era.

Sources: Bureau of Economic Analysis, Federal Reserve, Census Bureau: Historical Statistics of the United States Colonial Times to 1970. Through Q1 2012.

Real GDP 1790-2009 (Decade Average Growth)

Sources: Bureau of Economic Analysis, Congressional Budget Office, Office of Management and Budget, N.S. Balke & R.J. Gordon, C.D. Romer. Through 2009.

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Source: Hoisington Investment Management, Q2 2012 & Q4 2012 Barings

Baring Focused International Equity Fund Brokerage Report Trading Q2 2013


Broker INSTINET HSBC SECURITIES J.P. MORGAN UBS AG ROYAL BANK OF CANADA BARCLAYS MORGAN STANLEY & CO INC CLSA GOLDMAN SACHS INTERNATIONAL CARNEGIE INTERNATIONAL BoA MERRILL LYNCH MIRABAUD SECURITIES LLP LIBERUM CAPITAL LIMITED CITIGROUP GLOBAL MARKETS CANTOR FITZGERALD TUDOR PICKERING HOLT & CO DEUTSCHE BANK MACQUARIE BANK LIMITED CREDIT SUISSE ITG (inc Alpha centre) Grand Total Tot comms 63,174 30,437 21,167 20,835 7,651 5,071 4,658 4,647 3,372 3,186 3,087 1,835 1,787 1,473 1,265 1,137 958 539 390 34 176,700 comms % 35.75% 17.23% 11.98% 11.79% 4.33% 2.87% 2.64% 2.63% 1.91% 1.80% 1.75% 1.04% 1.01% 0.83% 0.72% 0.64% 0.54% 0.31% 0.22% 0.02% 100.00% Gross cons 57,096,423 18,448,001 20,111,799 44,646,375 7,126,265 5,070,815 3,336,474 4,224,702 5,795,951 2,123,826 1,714,875 1,223,152 1,191,090 1,473,310 1,581,155 1,621,036 478,765 269,558 354,482 30,609 177,918,664 G cons % 32.09% 10.37% 11.30% 25.09% 4.01% 2.85% 1.88% 2.37% 3.26% 1.19% 0.96% 0.69% 0.67% 0.83% 0.89% 0.91% 0.27% 0.15% 0.20% 0.02% 100.00% Trades 28 15 10 27 8 3 2 2 3 1 1 1 1 1 1 2 1 1 1 1 110

Performance Update

Performance as of August 31, 2013


Fiscal Year-to-Date 10/1/12 8/31/13
City of Miami General Employees & Sanitation Employees Retirement Trust MSCI EAFE Index MSCI Emerging Markets Index Relative 4.2

15.3 -4.9

-11.1

Morgan Stanley Capital International MSCI EAFE Net from July 2, 2012 prior MSCI EAFE Gross. Annualized returns in US dollars gross of fees.

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Representing Barings
Michael Brown
President, North America Location: Boston Investment Experience: 18 Years
Michael is the President of Barings North America. He is responsible for developing, implementing and overseeing the firm's North American business strategy. Michael also leads our client service team for US and Canadian based clients and serves as the primary relationship manager for a number of accounts. Michael joined the firm in 1998 and served as General Counsel until being appointed to his present role in 2002. Previously he practiced as an attorney with Skadden, Arps, Slate, Meager & Flom in Boston where he concentrated in the financial services industry and focused on investment products, mergers and acquisitions, and regulatory matters. He is a Phi Kappa Phi graduate of West Point and served as an infantry officer in the 82 nd Airborne Division. Michael holds a J.D. (Hons.) from the Columbia University School of Law and a M.B.A. (Hons.) from the Columbia University School of Business and is FINRA Series 7, 24, 63 and 99 registered.

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Barings Focused International Plus Equity Broad Composite Performance as of 12/31/12


Composite Returns Reporting Currency Date Primary Benchmark
Year Composite Gross 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 11.65 -7.92 9.70 39.23 -43.70 24.31 34.01 18.42 25.01 39.27 Returns Composite Net 10.88 -8.66 8.82 38.06 -44.13 23.40 32.94 17.53 24.65 38.87

Focused International Plus Equity Broad Gross Performance USD 31-Dec-12 MSCI EAFE Index Gross Dividends to 30-Jun-12 then Net Dividends
Composite Composite Assets Accounts (at (Millions) year end) 8 9 8 4 3 3 1 1 1 1 1,416.32 1,508.05 1,557.57 1,028.62 634.69 915.76 72.46 5.96 336.49 355.58 Dispersion* 'Firm' Assets (Millions) High 12.33 -7.66 10.51 40.14 -43.39 25.27 34.01 N/A 25.01 39.27 Median 11.77 -8.04 9.81 39.39 -43.48 25.27 34.01 N/A 25.01 39.27 Low 11.49 -8.29 9.54 37.71 -43.91 25.27 34.01 N/A 25.01 39.27 51,968.02 44,694.55 50,391.63 46,523.90 32,415.15 54,835.47 41,723.93 34,887.91 34,636.99 35,230.76

Composite Inception Composite Creation Composite Mnemonic

30-Jun-00 Jan-08 SUP31

% of 'Firm' Assets

3 Year Standard Deviation (Ann.)**

Benchmark 17.79 -11.73 8.21 32.46 -43.06 11.63 26.86 14.02 20.70 39.16

Composite 2.73% 3.37% 3.09% 2.21% 1.96% 1.67% 0.17% 0.02% 0.97% 1.01% 18.06 19.23 26.02 25.54 24.35 13.45 11.76 11.52 14.28 17.88

Benchmark 19.45 22.38 26.96 24.45 20.40 9.31 9.18 11.17 15.54 18.02

Past performance is not a guide to future performance. Please use this report in conjunction with the attached disclosures. *The highest, lowest and median Gross of Fees annual return of all portfolios that were included in the composite for the entire year are presented as a measure of dispersion. If Dispersion displays N/A, no single constituent in the composite for full calendar year. ** If 3 year annualized ex post Standard Deviation is not shown, there are not 36 monthly Composite or Benchmark returns available since the inception of the Composite, inception of the Benchmark, or the inception of the firm. Standard Deviation is calculated using Gross of Fee returns. Returns for periods of less than one year are not annualized. FIRM DEFINITION For the purpose of GIPS compliance, the Firm is defined as the investment firm Baring Asset Management Limited (and its rel evant subsidiaries which are registered with the appropriate regulatory authorities to undertake investment business in those jurisdictions in which they operate). Baring Asset Management Korea Limited, a wholly owned subsidiary of Baring Asset Management (Asia) Limited, which is in turn wholly owned indirect subsidiary of Baring Asset Management Limited, is excluded from the Firm definition. CHANGES TO FIRM DEFINITION Prior to 20th December 2012, Baring Asset Management LLC was also included within the definition of the GIPS Firm. It was removed with effect from 20th December 2012, the reason being at that date it deregistered from the United States SEC, having assigned all of its clients to Baring International Investment Limited, a wholly owned subsidiary of Baring Asset Management Limited. At 31st December 2010, Baring Asset Management Inc. changed its Corporate Structure and became Baring Asset Management LLC, conducting the same business as Baring Asset Management Inc., which had been included in the GIPS Firm prior to 31st December 2010. On 28th March 2013, Baring Asset Management (Asia) Limited acquired SEI Asset Korea Co., Ltd, a Korean Investment Management Company, which was renamed Baring Asset Management Korea Limited. Baring Asset Management Korea Limited is excluded from the definition of the "Firm" which has previously included all direct and indirect subsidiaries of Baring Asset Management Limited. Baring Asset Management Korea Limited claims compliance with the GIPS standards. SIGNIFICANT EVENT At 27th May 2011 the Private Client Business, comprising both Onshore and Offshore private clients was sold to SG Hambros. As of this date all Private Client portfolios were excluded From the "Firm" as defined herein. This is disclosed as a significant event for the purposes of the GIPS standards. CLAIM OF COMPLIANCE The firm as defined herein claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. The firm as defined herein has been independently verified for the periods from 1st July 1999 to 31st December 2012. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Inception of the Firm is 1st July 1999. A complete list and description of all composites is available on request by sending an e-mail to gips@barings.com. Name Description Benchmark 1 MSCI EAFE Index Gross Dividends to 30-Jun-12 then Net Dividends MSCI EAFE Total Return Index with Gross dividends reinvested until 30-Jun-12. Then from 01-Jul-12 MSCI EAFE Total Return Index with Net dividends reinvested. (Benchmark changed to reflect the treatment 23 of dividends reinvested In the underlying accounts).

Barings Focused International Plus Equity Broad Composite Performance as of 12/31/12


Composite Focused International Plus Equity Broad

The "Firm" as defined herein is the international business operating under the brand name "Barings", Baring Asset Management Korea Limited, the Korean Domestic business, is a separate firm for GIPS purposes. Performance results are total, time-weighted and calculated monthly. Gross-of-fee performance results are presented before management and custody fees but after transaction costs and non-reclaimable foreign withholding taxes. Net-of-fee performance results are presented after management fees, transaction costs and non-reclaimable foreign withholding taxes but before custody fees. The actual returns will be reduced by the investment management (advisory) fees and other expenses. The Baring Asset Management pricing policy (or the relevant Fund Administrator pricing policy) is applied to funds in this Composite. These policies include provision that where markets are closed due to holidays or political events, the prices of securities in that market may be adjusted. This may on occasion cause differences to the valuation sources used by the benchmark, and to other funds in the Composite. From 1st October 2012 the minimum portfolio size for inclusion in any Composite is set as 1,000,000. For Private Client Portfolios the minimum portfolio size for inclusion in any Composite was 250,000 prior to 27th May 2011. The Composite is comprised of accounts which invest in a concentrated portfolio of developed equities, principally within countries of the MSCI EAFE Index. The agreements in place allow for up to 20% to be invested opportunistically in emerging market equities. The composite includes those portfolios impacted by custody restrictions. The Composite also includes portfolios benchmarked against the MSCI Eafe plus Emerging Index, which allows a greater degree of investment in Emerging Market equities. Some accounts within the composite are run within an ex-ante tracking error ranges of 6 - 9 and 4 - 10.

To be included in the composite, each account must be managed with a similar mandate for at least one full month.
Net-of-fee performance for the Firm is calculated at the constituent account level and deducted monthly using actual client fee schedules. Where the actual fee is not appropriate for the recipients of this presentation, Investment Trusts, Mutual Funds, other Common Investment Funds apply a "Model Fee". For UK based Onshore and Offshore Funds, prior to 1st January 2012 this comprised the equivalent standard institutional Fee Scale, which was the maximum fee scale that Institutional clients would be charged for this product. Rebates apply to any Institutional clients invested in Common Investment Funds; therefore after rebates were applied this was the maximum fee scale payable by segregated Institutional Clients investing in this Composite Strategy. From 1st January 2012 this changed to the Institutional Share Class flat fee rate, to which rebates also apply, therefore this was the maximum fee payable by Institutional Investors in the fund. For North American commingled funds the fee applied was the maximum payable by participants in the fund prior to 1st January 2012, and a fee weighted by the rate paid by each participant in the fund from 1st January 2012. Composite net-of-fee performance reflects the weighted average of constituent account net-of-fee returns. Based on the above and taking into account individual fee arrangements the fee deducted over the last 12 months to the stated reporting date for the composite was 0.70%.

As at the reporting date all portfolios in the Composite reinvest capital gains and income (including dividends and other earnings).
Benchmark Source: MSCI

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Institutional Regulatory Disclosure


This document is issued in the local or regional jurisdictions by the appropriate Baring Asset Management company or companies whose name(s) and contact details are specified herein. This document has been produced for, and is intended for receipt by, professional investors/advisers and must not be relied on by any other category of recipient. This document may include forward-looking statements, which are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. Calculation of Gross Returns. Returns are gross of advisory fees, net of transaction costs, and include the reinvestment of dividends. If the expenses were reflected, the performance shown would be lower. Actual fees are described in Part 2A of [Adviser]s Form ADV and will vary depending on, among other things, the applicable fee schedule and account size. For example, if $100,000 were invested and experienced a 10% annual return compounded monthly for 10 years, its ending value, without giving effect to the deduction of advisory fees, would be $270,704 with annualized compounded return of 10.47%. If an advisory fee of 0.95% of the average market value of the account were deducted monthly for the 10-year period, the annualized compounded return would be 9.43% and the ending dollar value would be $246,355. Except where otherwise indicated performance numbers are sourced from Baring Asset Management. All opinions expressed herein are those of Baring Asset Management, unless otherwise stated. Past performance is no guarantee of future results. Confidentiality Notice This document is strictly confidential and is being supplied on the understanding that it will be held confidentially and not disclosed to third parties without the prior written consent of Barings. Do not recirculate, republish, repost or redistribute this document in any form (including both in part or in whole) in any format (including physical or electronic) by any means.

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